Philips Has a 50% Joint Operation Interest in Josef A)$500
B)$550
C)$775
D)$1,050

question 64

Multiple Choice

Philips has a 50% joint operation interest in Josef. Based on the following information, what amount will be presented for current assets on Philips' proportionately consolidated balance sheet? $$\begin{array} { | l | r | r | } \hline & \text { Philips } & \text { Josef } \\\hline \text { Current assets } & \$ 500 & \$ 550 \\\hline \text { Long-term assets } & 300 & 50 \\\hline \text { Investment in investee } & 200 & 0 \\\hline \text { Current liabilities } & 350 & 200 \\\hline \text { Long-term liabilities } & 450 & 300 \\\hline \text { Equity } & 200 & 100 \\\hline\end{array}$$

• A)$500
• B)$550
• C)$775
• D)$1,050

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Definitions:

Rock Avalanche

A rapid, large-volume descent of rock debris and soil on a mountain slope, often triggered by seismic activity, rainfall, or melting snow.

Debris Avalanche

A rapid flow of rock debris, soil, and other material down a slope, often triggered by heavy rainfall or seismic activity.

Earth Flow

A type of mass wasting event that occurs when water-saturated soil or fine-grained sediment flows downhill, resembling a very slow moving river of soil.

Debris Avalanche

A rapid flow of rock, soil, and other debris down a slope, often triggered by natural events such as earthquakes or volcanic eruptions.